We are often asked how the Tokyo property market is moving. Is it slowing down or showing signs of steadying? We are still seeing some big price increases occurring, particularly in the detached house market. Compared to apartments, houses in central Tokyo are in extremely short supply and are difficult to find comparisons for, making it easier for sellers to ask bolder prices.
In some cases the properties have been given a quick makeover to justify a higher price, but in other cases the price has been increased to match recent market conditions.
Case 1: A 4-Bedroom house in the Azabu area
In mid-2016 we managed to negotiate a price of 180 million Yen for our client, who passed on the deal. It was re-listed in December 2016 for approximately 240 million Yen, a 30% increase in 6 months.
Case 2: A large house in Omotesando
It was first listed for 860 million Yen in 2015. In December 2016 it was re-listed for 950 million Yen, an increase of 10%.
Case 3: A contemporary home in Omotesando.
It was listed for 460 million Yen in 2011. It was re-listed in December 2016 for 670 million Yen, an increase of 45%.
Case 4: A house in Shirokane.
It was listed for 170 million Yen in early 2016. We introduced it to one of our clients who passed on it at the time. The price was increased to 250 million Yen in December 2016, an increase of 47% over 12 months.
Case 5: A house in Aoyama
It was listed for 123 million Yen in March 2016 and sold. It was given a quick makeover and re-listed several months later for 147 million Yen, a 20% increase.
Case 6: A house in Nogizaka
It sold for 100 million Yen in 2011. It was re-listed in 2016 for 175 million Yen, a 75% increase over 7 years.
Case 7: A house in Ebisu
It was listed in 2015 for 420 million Yen and re-listed in late 2016 for 580 million Yen – a 38% increase over 12 months.
Case 8: A house in Yoyogi.
It sold at a public foreclosure in early 2016 for 135 million Yen and was listed for sale in December for around 190 million Yen, a 40% increase over 10 months.